The gold price rise has stalled in the EU session

 London (Jun 2)  Gold is trading -0.33% lower in the EU session after a slightly negative close yesterday with a doji type candle being printed. This normally represents some kind of indecision but at this high price level it could indicate the price might pause here. One main level of confirmation might be the candle low from Tuesday's session of $1894.5/oz as if the price closes below there it could be a bearish signal.

Adding to the slightly bearish view the price has stopped at a low volume node on the volume profile. This can often be a point of resistance and the next value area down could act as a magnet for the price. The next high-volume node resides at $1837.2/oz and could be the next support.

At the moment it is clear that the bulls are still in charge of the market but this could just be a profit-taking phase. The pullback has been off the back of higher volume so it seems the market is behind the move. Looking ahead the U.S. open will be interesting as the price could be supported or the traders could back this move to the next support.

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